Funding arb · Price arb /

S

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 09:00 UTC+0.0067%/8h= +7.3% APRpaid last 24h +0.018%

Price spread now: Binance against Injective+4.254%67s7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on Injective Short on Binance

What this pair did over the last

the charts below follow

Funding, last 7 days−0.003%$0 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work for this trade now. Funding pays +$2 a day on $10k at the current rate, and Binance is 4.254% dearer against Injective than usual: you sell high and buy low: +$425 more if the spread goes back to zero (this spread has no 7-day history yet). The two prices were read 67 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Injective S/USDC PERP	0.04100	0.0033	pay 0.0004% / 1h	52m 15s	$2K	$37K	12x
Short	Binance SUSDT	0.04274	0.0100	get 0.0050% / 4h	3h 52m	$6.3M	$16.6M	75x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Binance against Injective. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee InjectivebpFee BinancebpOrdersPrice spread, now +4.254%Rate

Funding earned: $14
Price spread: +4.254% → 0.000%: $425.39
Slippage, 4 orders: no order book: not counted
Fee Injective: 0.01 bp × 2 orders: −$0.02
Fee Binance: 5 bp × 2 orders: −$10
Net: $429.37
Costs to cover: 0.100%
Break-even: from the start

Slippage unknown: Injective: no order-book sample; Binance: live order book, 3 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Injective no order-book sample	—	—	—	—	—
Sell Binance live order book, 3 min ago	3.51 bp	26.1 bp −$26	80.2 bp −$802	395.9 bp −$39.6K	doesn't fit

Injective: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

S on 25 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_SUSD	−0.2659%	1h	0.04268	+4.094%	$35K	$23K	10x	as long as short
Coinbase International S-PERP-INTX	−0.1248%	1h	0.04238	+3.366%	$52K	$18K	25x	as long as short
GMX S/USD [WBTC.b-USDC]	L −0.0206% / S +0.0198%	1h	0.04263	+3.968%	$1K	—	100x	as long as short
Variational Omni S	−0.0116%	4h	0.04307	+5.044%	$667K	$7K	—	as long as short
Reya SRUSDPERP	−0.0101%	1h	0.04265	+4.032%	$4	—	15x	as long as short
gTrade (Gains Network) S/USD	L +0.0001% / S +0.0006%	1h	0.04293	+4.716%	$660	—	150x	as long as short
Injective S/USDC PERPlong	+0.0033%	1h	0.04100	long leg	$2K	$37K	12x
Orderly PERP_S_USDC	+0.0078%	4h	0.04270	+4.146%	$106K	$617K	10x	as long as short
Lighter S	+0.0096%	1h	0.04272	+4.195%	$183K	$99K	5x	as long as short
Hyperliquid S	+0.0100%	1h	0.04269	+4.124%	$1.1M	$704K	5x	as long as short

Show all 25 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Aster SUSDT	+0.0100%	4h	0.04274	+4.254%	$46K	$175K	10x	as long as short
Binance SUSDTshort	+0.0100%	4h	0.04274	+4.254%	$6.3M	$16.6M	75x
Bybit SUSDT	+0.0100%	4h	0.04275	+4.268%	$6.2M	$4.8M	50x	as long as short
OKX S-USDT-SWAP	+0.0100%	4h	0.04267	+4.073%	$1.2M	$4.8M	20x	as long as short
Gate S_USDT	+0.0100%	4h	0.04266	+4.049%	$356K	$214K	50x	as long as short
MEXC S_USDT	+0.0100%	4h	0.04270	+4.146%	$4.4M	$2.2M	200x	as long as short
KuCoin SUSDTM	+0.0100%	4h	0.04264	+4.000%	$2.0M	$2.8M	50x	as long as short
Bitget SUSDT	+0.0100%	4h	0.04271	+4.171%	$1.3M	$2.6M	50x	as long as short
BingX S-USDT	+0.0100%	4h	0.04265	+4.024%	—	$6.9M	—	as long as short
Backpack S_USDC_PERP	+0.0100%	1h	0.04270	+4.146%	$100K	$472K	5x	as long as short
ApeX Omni SUSDT	+0.0100%	1h	0.04290	+4.634%	$25K	$506K	50x	as long as short
Extended S-USD	+0.0104%	1h	0.04268	+4.096%	$236K	$1.3M	10x	as long as short
BloFin S-USDT	+0.0340%	4h	0.04275	+4.268%	$317K	$121K	75x	as long as short
Deribit S_USDC-PERPETUAL	+0.0686%	1h	0.04276	+4.293%	$72K	$10K	10x	as long as short
01 Exchange SUSD	+0.6632%	1h	0.04340	+5.854%	$27K	$2K	5x	as long as short